Citigroup Inc. Has $2.92 Million Stake in Fabrinet (NYSE:FN)

Posted by Defense World Staff on Sep 5th, 2023

Citigroup Inc. lowered its holdings in shares of Fabrinet (NYSE:FN – Free Report) by 13.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,578 shares of the technology company’s stock after selling 3,876 shares during the period. Citigroup Inc. owned about 0.07% of Fabrinet worth $2,919,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the business. Orion Capital Management LLC bought a new stake in shares of Fabrinet in the 1st quarter valued at approximately $33,000. Fifth Third Bancorp boosted its stake in Fabrinet by 98.0% in the 1st quarter. Fifth Third Bancorp now owns 303 shares of the technology company’s stock valued at $36,000 after buying an additional 150 shares in the last quarter. Federated Hermes Inc. grew its position in Fabrinet by 652.6% in the third quarter. Federated Hermes Inc. now owns 429 shares of the technology company’s stock valued at $41,000 after acquiring an additional 372 shares during the period. 1832 Asset Management L.P. acquired a new position in Fabrinet during the fourth quarter worth $51,000. Finally, Benjamin Edwards Inc. lifted its holdings in shares of Fabrinet by 153.8% during the first quarter. Benjamin Edwards Inc. now owns 439 shares of the technology company’s stock valued at $52,000 after acquiring an additional 266 shares during the period. Institutional investors and hedge funds own 97.38% of the company’s stock.

Fabrinet Price Performance

FN stock opened at $160.52 on Tuesday. The company has a 50 day moving average price of $132.09 and a 200 day moving average price of $117.73. Fabrinet has a fifty-two week low of $90.19 and a fifty-two week high of $163.88. The stock has a market capitalization of $5.81 billion, a PE ratio of 23.89 and a beta of 1.07.

Fabrinet (NYSE:FN – Get Free Report) last released its earnings results on Monday, August 21st. The technology company reported $1.86 EPS for the quarter, beating the consensus estimate of $1.80 by $0.06. Fabrinet had a return on equity of 18.23% and a net margin of 9.37%. The company had revenue of $655.87 million during the quarter, compared to analysts’ expectations of $641.42 million. During the same period last year, the firm earned $1.51 EPS. The business’s revenue for the quarter was up 11.6% on a year-over-year basis. As a group, equities analysts expect that Fabrinet will post 7.17 earnings per share for the current fiscal year.

Analysts Set New Price Targets

FN has been the topic of several analyst reports. HC Wainwright reaffirmed a “buy” rating and issued a $28.00 target price on shares of Fabrinet in a report on Tuesday, August 22nd. StockNews.com assumed coverage on shares of Fabrinet in a research note on Thursday, August 17th. They set a “hold” rating on the stock. Northland Securities lifted their target price on shares of Fabrinet from $150.00 to $200.00 and gave the company an “outperform” rating in a research note on Wednesday, August 30th. Needham & Company LLC increased their price target on Fabrinet from $150.00 to $165.00 and gave the stock a “buy” rating in a research report on Tuesday, August 22nd. Finally, Lake Street Capital raised their price target on Fabrinet from $130.00 to $165.00 and gave the company a “buy” rating in a report on Tuesday, August 22nd. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $125.13.

Read Our Latest Research Report on FN

Insiders Place Their Bets

In related news, EVP Edward T. Archer sold 10,358 shares of the stock in a transaction that occurred on Tuesday, August 29th. The shares were sold at an average price of $157.33, for a total value of $1,629,624.14. Following the transaction, the executive vice president now directly owns 11,289 shares in the company, valued at $1,776,098.37. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, CEO Seamus Grady sold 27,000 shares of the business’s stock in a transaction dated Thursday, August 24th. The stock was sold at an average price of $159.92, for a total transaction of $4,317,840.00. Following the completion of the transaction, the chief executive officer now directly owns 45,471 shares in the company, valued at approximately $7,271,722.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Edward T. Archer sold 10,358 shares of the stock in a transaction that occurred on Tuesday, August 29th. The shares were sold at an average price of $157.33, for a total transaction of $1,629,624.14. Following the completion of the sale, the executive vice president now owns 11,289 shares in the company, valued at $1,776,098.37. The disclosure for this sale can be found here. In the last three months, insiders sold 57,358 shares of company stock valued at $9,165,464. 0.50% of the stock is currently owned by insiders.

Fabrinet Company Profile

(Free Report)

Fabrinet provides optical packaging and precision optical, electro-mechanical, and electronic manufacturing services in North America, the Asia-Pacific, and Europe. The company offers a range of advanced optical and electro-mechanical capabilities in the manufacturing process, including process design and engineering, supply chain management, manufacturing, printed circuit board assembly, advanced packaging, integration, final assembly, and testing.